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Technically, when the Bitcoin price rejects off of a descending trendline, it suggests a bearish retest of lower support levels. Earlier this week, a cryptocurrency trader known as Trader XO suggested that in the near-term, the Bitcoin price could be following a descending trendline and possibly retest the month’s open.
The emergence of the coronavirus pandemic has had a negative impact on the global economy and the cryptocurrency market.
The leading digital assets took a significant fall to break multiple-year-old support points, having a spread over effect on the rest of the altcoins as it is said that “a falling tide lowers all boats”.
Bitcoin was trading at $10,353 on 13 February 2020, which was its year-to-date high. However, the fear emanated from the global spread of the pandemic forcing Bitcoin popular countries like Germany, the US, South Korea, UK, and others to take measures to slow down the spread and this caused the Bitcoin price to fall to around $4000 in March 2020.
- Bitcoin is up more than 5% from the $6,500 swing low formed this past week.
- The bulls are gaining momentum above $7,500 and the 100 simple moving average (4-hours).
- There was a break above a major declining channel with resistance near $7,040 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently trading in a bullish zone and it could rise further towards $7,500 and $8,200.
Named the best performing asset of the decade, Bitcoin has come a long way in only a few years. Even as the coronavirus pandemic grips attention worldwide, Bitcoin is still commanding interest around the world, especially with the halving event on the horizon.
Trading at around $7,200 as of the time of writing, it has posted over 9,000,000% gains since July 2010. Within the same period, the S&P has merely tripled. Gold is only 25% up, and some of the best-performing stocks on the Russell 3000 are up only around 3,000%, which pales in comparison to the financial world’s latest marvel.
“Bitcoin is popping like it did last weekend as well. For some reason I’ve been noticing that Bitcoin does very, very well over the weekend, at least the last couple of weeks. This is certainly recency-correlation bias. I remember it doing really well last weekend, and therefore I am watching it doing really well early this weekend… Nothing for me changes on a weekly scale.”
According to the quarterly report published earlier this week, the company saw inflows of $503.7 million over the past three months. The number is nearly twice as much compared to the previous quarterly high of $254.8 million in Q3 2019. New investors accounted for approximately $160m.
Interestingly enough, Grayscale’s record quarter comes amid the sharp price developments in the cryptocurrency market. The pressure from the COVID-19 pandemic rushed investors to massive sell-offs, and most assets lost vast chunks of their value in mid-March.
Evidence points towards US citizens using there $1,200 stimulus checks to buy Bitcoin (BTC).
Grayscale Capital’s recent quarterly report provides a clue as to institutional interest in Bitcoin (BTC).
The King of Crypto is hovering around $7,200 and looks set to start a climb up to $8,000.
For the last 72 hours, Bitcoin (BTC) has been hovering above $7,000. It is attempting a move up that would guarantee bullish momentum and erase all the losses brought about by the Coronavirus crash of mid-March. The King of Crypto has since made several attempts to recapture $7,200 and is currently only a few points away from turning this area into a support zone.
Ethereum will hit half a decade this coming July since launch, and if everything goes well, it will initiate its transition to ETH 2.0, which will solve scalability issues. That will be quite remarkable for the platform that brought smart contracts and dapps to the blockchain. Progress on its development will rally its huge community, and this will have a positive effect on its price, which has underperformed over the past two years. So far, we see evidence of positive momentum in 2020 as several factors conjure to spur ETH price.
XRP has been in troubled waters for quite some time. In fact, the latest market recovery has failed to catapult the coin above the $0.200-mark. At the time of writing, the third-largest cryptocurrency by market cap, XRP, was noting a valuation of $0.194 after a minor surge of 2.86% over the past 24-hours. While the market may be gearing up for another positive ride, XRP might potentially be stuck in the bearish realm for some time.
CoinMarketCap is a well-known tracking website build up 200 million visitors since 2013. The objective behind the CoinMarketCap is to track the capitalization of certain cryptocurrencies and giving the opportunity to other currencies to grow in the market.
Relying on one centralized platform may have its downfalls and can contradict the middle philosophy on which crypto was based on. It is essential for crypto investors and traders to carefully reveal the movement of the coin they purchased or they intend on trade.
We have compiled a list of 12 top CoinMarketCap alternatives that can help you in your trading endeavors.
While the size of Bitcoin’s community has been shrinking over the past few months, one part of the crypto industry has been consistently growing: the market capitalization of Tether’s USDT, the leading dollar stablecoin.
The cryptocurrency, now the fourth-largest by market capitalization, has been responding to an increase in demand over the past few weeks, with Twitter account Whale Alert tracking a series of transactions indicating USDT is in high demand.
A big contributor to this rise is the endless money printing, but another contributor may be protests sweeping America against the endless lockdowns.
There have been protests in Michigan, Minnesota, North Carolina, Kentucky, Ohio, Utah, Virginia and Florida. Demonstrations are scheduled for Pennsylvania, Washington, New York, Maryland, and other states.
Donald Trump, the president of the United States, cheered them on in a series of tweets that said Liberate [state].
Because of the COVID-19 effects, certain crypto platforms have decided to waive fees for their services. Check out our list of fee waiving platforms!
Amid the COVID-19 pandemic, all markets, be they traditional or crypto, started to crash. Bitcoin and most of the altcoin market have experienced heavy losses.
To encourage the use of crypto even in these dire times, there have been several projects and services from the industry that have decided to waive their fees temporarily to help customers out during this crisis.
- Hackers targeted installation packages for the Ruby programming language.
- RubyGems libraries were infected with malware; developers could accidentally install Bitcoin stealers.
- Luckily, the attack was too obscure to ever work.